Research On The Risk Management Of Liability Operation Of Photovoltaic Enterprises

Photovoltaic power is a clean and sustainable energy.The healthy development of photovoltaic industry is conducive to the optimization of energy consumption structure,ecological environment protection and high-quality economic development.With the anti-dumping,macro policy adjustment and market saturation in Europe and the United States,the photovoltaic industry has entered a downward adjustment period.At the initial stage,the disadvantages of the high liability business model of photovoltaic enterprises are prominent,and the risk of liability business is rising sharply,which restricts the healthy development of the industry.The debt management risk of photovoltaic enterprises is different from that of ordinary enterprises,which is mainly manifested in the imbalance of debt maturity structure,radical strategic management and great impact on the macro environment.This thesis takes the photovoltaic enterprise-Hairun photovoltaic as the research object,with the capital structure theory and risk management theory as the guidance,using the literature research method,case study method and quantitative analysis method,makes a comprehensive and systematic analysis on the operational risk of Hairun photovoltaic liability,explores the causes of the operational risk of Hairun photovoltaic liability,and puts forward the suggestions on the operational risk management of Hairun photovoltaic liability.First of all,this thesis introduces the basic background and significance of this study,combing the theoretical basis and research status at home and abroad.Subsequently,the risk of liability operation of Hairun PV was evaluated.The results show that the debt operation risk of Hairun PV remains high,which is directly reflected in the high debt scale and leverage,the high debt maturity structure risk and the low cash guarantee.Radical debt operation causes serious financial burden,causes over investment,debases the company’s reputation image,and restricts sustainable development.Thirdly,this thesis analyzes the reasons why hailun PV falls into debt management crisis from internal and external perspectives.Among them,there are four internal reasons: radical strategic expansion,defects in internal control,weak corporate profitability,mismatching of capital and asset structure management;two external reasons: first,Europe and the United States and other countries restrict the export of China’s photovoltaic products;second,the relevant national policies arefrequently adjusted.Finally,this thesis puts forward the countermeasures to resolve the debt operation crisis and restore the normal order of production and operation: to improve the debt operation risk early warning system,to maintain prudent operation strategy and investment plan,to improve the internal control organization structure,to enhance the profitability and endogenous development power,to establish the best debt scale and term structure,to focus on adapting to the changes of macro policies and market environment,Deal with default debts in various ways.This is conducive to providing reference for the liability management risk management of photovoltaic enterprises.